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Plan of Development Approved-Mako Field Duyung PSC
Plan of Development Approved-Mako Field Duyung PSC.
About this update from Coro Energy Plc
[{"type":"text","content":"\n \nRNS Number : 3811S Coro Energy PLC 11 March 2019 \n\n11 March 2019\nCoro Energy plc\n(\"Coro\" or the \"Company\")\nPlan of Development Approved For Mako Field, Duyung PSC, Indonesia\nCoro Energy plc, the South East Asian focused exploration and production company, is delighted to announce that the Minister of Energy and Mineral Resources has approved the Plan of Development (\"POD\") for the Mako field, Duyung PSC, offshore Indonesia.\nOn 11 February 2019, Coro announced the acquisition of a 15% stake in the Duyung PSC, which covers an area of approximately 890 km2 in the West Natuna basin and is proximal to the West Natuna Transportation System (\"WNTS\"), a gas pipeline to markets in Singapore. WNTS currently supplies approximately 0.4 billion standard cubic feet (\"Bcf\") per day to Singapore. A resource audit by Gaffney Cline & Associates, dated November 2018 reported 276 Bcf of contingent (2C) resources attributable to the Mako field.\nJames Menzies, Chief Executive Officer, commented;\n \n\"We are pleased to see this project advancing so soon after the announcement of our acquisition, the approval of the POD for the field is a key step toward monetizing the Mako gas. The Duyung partners are finalizing plans for the 2019 drilling campaign which we expect to commence in late summer and we look forward to updating the market shortly with our plans.\" \n \nThe information communicated within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.\nFor further information please contact: \n\n\n\n \n\n\n \n\n\n\n \n\n\n\nCoro Energy Plc\n\n\n\n\n\n\n\n\n\n\nJames Menzies, Chief Executive Officer\n\n\n\n\n\nTel: 44 (0)20 3965 7917\n\n\n\n\nAndrew Dennan, Chief Financial Officer\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nGrant Thornton UK LLP (Financial and Nominated Adviser)\n\n\n\n\n\n\n\n\n\n\nColin Aaronson\n\n\n\n\n\nTel: 44 (0)20 7383 5100\n\n\n\n\nJen Clarke\n\n\n\n\n\n\n\n\n\n\nHarrison J Clarke\n\n\n\n\n\n\n\n\n\n\nSeamus Fricker\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nVigo Communications - IR/PR Advisor \n\n\n\n\n\n\n\n\n\n\nPatrick d'Ancona \n\n\n\n\n\nTel: 44 (0)20 7390 0230\n\n\n\...